Question
In: Advanced Math
Joan borrowed $17 comma 000.00 to buy a car. She repaid $4100.00 four months later and...
Joan borrowed $17 comma 000.00 to buy a car. She repaid $4100.00 four months later and $7900.00 six months later. After twelve months, she borrowed an additional $6200.00, and repaid $5100.00 after 20 months. She paid the entire balance, including the interest, after 24 months. Interest was 9% compounded monthly for the first year and 9.6% compounded monthly for the remaining time. What was the size of the final payment?
Solutions
Colby Messinger answered 1 year agoRelated Solutions
Joan borrowed $15,000.00 to buy a car. She repaid $4000.00 four months later and $6800.00 eight...
Joan borrowed
$15,000.00
to buy a car. She repaid
$4000.00
four
months later and
$6800.00
eight
months later. After twelve months, she borrowed an
additional
$4800.00,
and repaid
$4400.00
after
19
months. She paid the entire balance, including the interest,
after 24 months. Interest was
6%
compounded monthly for the first year and
5.5%
compounded monthly for the remaining time. What was the size of
the final payment?
Joan Messineo borrowed $10,000 at a 17% annual rate of interest to be repaid over 3...
Joan Messineo borrowed $10,000 at a 17% annual rate of interest
to be repaid over 3 years. The loan is amortized into three equal,
annual, end-of-year payments.
a. Calculate the annual, end-of-year loan payment
b. Prepare a loan amortization schedule showing the interest and
principal breakdown of each of the three loan payments.
c. Explain why the interest portion of each payment declines
with the passage of time.
Joan Messineo borrowed 42,000 at a 5% annual rate of interest to be repaid over 3...
Joan Messineo borrowed 42,000 at a 5% annual
rate of interest to be repaid over 3 years. The loan is amortized
into three equal, annual, end-of-year payments.
a. Calculate the annual, end-of-year loan
payment.
b. Prepare a loan amortization schedule
showing the interest and principal breakdown of each of the three
loan payments.
c. Explain why the interest portion of each
payment declines with the passage of time.
Joan Messineo borrowed $15,000 at a 14% annual rate of interest to be repaid over 3...
Joan Messineo borrowed $15,000 at a 14% annual rate of interest
to be repaid over 3 years. The loan is amortized into three equal,
annual, end-of-year payments.
(i) Calculate the annual, end-of-year loan payment.
(ii) Prepare a loan amortization schedule showing the interest and
principal breakdown of each of the three loan payments.
(iii) Explain why the interest portion of each payment declines
with the passage of time.
Joan Messineo borrowed ?$19,000 at a 9?% annual rate of interest to be repaid over 3...
Joan Messineo borrowed ?$19,000 at a 9?% annual rate of interest
to be repaid over 3 years. The loan is amortized into three? equal,
annual,? end-of-year payments.
a.Calculate the? annual, end-of-year loan payment.
b.Prepare a loan amortization schedule showing the interest and
principal breadown of each of the three loan payments.
c. Explain why the interest portion of each payment declines
with the passage of time.
A loan of $1500 can be repaid in 18 months by paying the principal amount borrowed...
A loan of $1500 can be repaid in 18 months by paying the
principal amount borrowed plus $225.00 interest. What was the rate
of interest charged?
$5,000 are borrowed now with the understanding that it will be repaid in equal monthly payments over 24 months
$5,000 are borrowed now with the understanding that it will be
repaid in equal monthly payments over 24 months, if the interest
rate is 1% per month, for payment number 6 find the amount that is
due to principal? Your answer might be exact or to the closest.a. $833.33b. $194.83c. -540.54d. $40.54
You borrowed $2,000 from a bank and 8 months later, you paid it off with $2,160....
You borrowed $2,000 from a bank and 8 months later, you paid it
off with $2,160. What annual interest rate did you pay?
Please show how to set up. Thanks
A $21,000 car loan is repaid with one payment of $26,533.47 after 36 months. What is...
A $21,000 car loan is repaid with one payment of $26,533.47
after 36 months. What is the annual effective discount rate? Round
your answer to 3 decimal places.
The effective annual rate of discount has been 6% for the last 3
years. Prior to that it was 5%. A bank account has a balance of
$550 today. A single deposit of $X was placed in an account 8 years
ago. Calculate the value of X.
Given that i(m) = 0.216772...
You bought a new car and decided to buy an extended warranty a day later. The...
You bought a new car
and decided to buy an extended warranty a day later. The dealer
offers you two alternative payment plans. The first plan requires a
$2,000 immediate up-front payment. The second plan requires you to
make monthly payments of $100.00, payable at the end of each month
for 2 years. What nominal annual interest rate is built into the
monthly payment plan?
17.16%
19.86%
15.41%
18.16%
Cannot be
determined
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